Wednesday: York and Club

wednesday: Federal Reserve Board Chairman Jerome Powell speaks at the Economic Club of New York, Wednesday, Nov. 28, in New York, N.Y. Mark Lennihan / The Associated Press Referring to the Fed's gradual increases in its benchmark rate, Powell said, there is no preset policy path, according to The Toronto Star. Rather, he said, the Fed will assess the most recent economic and financial data in deciding whether or how fast to keep raising rates. Powell's comments ignited a rally on Wall Street, with the Dow Jones Industrial Average surging more than 200 points after his remarks were released. Speaking to the Economic Club of New York, the Fed chairman also suggested that while some corporate debt loads have reached riskier levels, we do not see dangerous excesses in the stock market. Any slowdown or pause in its rate hikes would be welcome news for a stock market that has been battered by fears that the Fed's continued credit tightening could end the long bull market. The central bank's rate increases have gradually raised borrowing costs for consumers and businesses. (news.financializer.com). As reported in the news.